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  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
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  "authorName": "Ben Axler",
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      "kind": "callout",
      "text": "Key Quotes From Aerojet's Public Comment To The FTC's Proposed Settlement With Northrup On Orbital ATK Merger",
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      "text": "Consequently, the Federal Trade Commission has effectively removed any incentive for the other primes to seek bids from Aerojet Rocketdyne, the only other provider of SRMs.",
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      "text": "Although the FTC's settlement may prove an effective means of promoting competition amongst Primes for missile systems, according to AJRD's Public Comment Letter it was critical that the order be modified (which it appears not to have been) to avoid the unintended consequence of NGIS becoming the sole regulated SRM.",
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      "text": "Aerojet Rocketdyne's concern is NOT that prices will be too low... The concern is that there will be no more competition due to a regulated SRM offering... Thus, competition between Aerojet Rocketdyne and NGIS will be eliminated by the requirements of the Order.",
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      "text": "NGIS, already dominant in large SRMs, will now grow increasingly dominant in all SRMs because of the anti-competitive SRM regime put in place by the Order. This lack of competition will reduce innovation and raise prices on all SRMs...",
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      "text": "Aerojet Rocketdyne... welcomes the opportunity to compete in the future... However, it is critical that the Order be modified so that it does not create an SRM regime that eliminates competition in the SRM market.",
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      "text": "Other prime contractors... will view the non-discriminatory requirements of the Order as requiring NGIS to provide SRMs at the vertically-integrated prices that Northrop will receive... Consequently, the Federal Trade Commission has effectively removed any incentive for the other primes to seek bids from Aerojet Rocketdyne...",
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      "text": "In accomplishing its intended purpose, the Order in effect encourages all prime contractors to simply choose SRMs from Northrop's new Orbital subsidiary (which Northrop has named Northrop Grumman Innovation Systems “NGIS”) and not conduct a competitive bidding process.",
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      "text": "In accomplishing its intended purpose, the Order in effect encourages all prime contractors to simply choose SRMs from Northrop’s new Orbital subsidiary (which Northrop has named Northrop Grumman Innovation Systems “NGIS”) and not conduct a competitive bidding process. — AJRD Public Comment Letter",
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      "text": "Source: AJRD Public Comment Letter, June 29, 2018",
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      "text": "FTC Settlement Unintentionally Cripples AJRD's Competitive Positioning?",
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